Corporation Tax & VAT
The two most common taxes for Limited Companies are Corporation Tax and VAT.
In simple terms, Corporation Tax is a tax on profits. It isn’t payable until 9 months and 1 day after your financial year-end and the current rate is 19% for most companies.
VAT is different in that you collect the tax on behalf of HMRC. Registration is only mandatory for businesses with a Turnover of more than £85,000. You collect VAT on your Sales, and this is offset by VAT incurred on your purchases. The net amount is paid to HMRC via a monthly or quarterly return.
These are the simple headlines but as ever with tax, the devil is in the detail.
TF Accounts have the experience to help you navigate your way through the UK tax regime, understand what is and what isn’t allowable, prepare returns and ensure that deadlines are met.
Heard of Making Tax Digital? This is HMRC’s programme to digitise the tax system for businesses and individuals. It’s a phased process but for VAT it is already up and running. VAT registered businesses must use recognised software to keep digital records and submit returns.
This is another area where our expertise and experience will help you.
Payroll Services
Payroll can be a bit of a minefield for smaller business who lack the in house expertise to stay on top of the complexities of payroll such as national insurance, pension deductions and submissions to HMRC.
Businesses need employees to be paid the correct amount, on time and for the relevant returns to be sent to HMRC. We can provide a service that achieves all this and provides monthly payslips for each employee and tax year end P60s.
From experience, we’d suggest that we are best suited to providing payroll services for businesses with less than 10 employees. Above that level and the core services can start to towards the world of HR – unfortunately, that isn’t something we have the right experience for.
We provide monthly payroll services and it works well alongside the other regular services such as VAT returns and bookkeeping.
Management Accounts
These are Accounts prepared for the Management of the business.
They are prepared more frequently than year-end Accounts to provide a more regular update on the financial performance of the business and support business decisions.
The content is entirely down to management and each business sector will have different key measure of performance. We can help you to decide on content and format as well as preparing the accounts from your accounting software.
For businesses with third party funding e.g. Banks, Asset Based Lenders, Private Equity then the provision of management accounts on a regular basis is likely to be a condition of the loan facility.
Bookkeeping
Keeping your financial records accurate and up to date is essential, but bookkeeping can quickly become time-consuming when you are busy running your business. We provide a reliable, flexible bookkeeping service tailored to your requirements, helping you maintain clear accounting records without the cost of employing an in-house bookkeeper.
Using modern cloud-based accounting software, we can record and organise your day-to-day transactions and provide regular reports, including profit and loss statements and balance sheets. This gives you a clearer understanding of how your business is performing while ensuring that your records are properly maintained and ready for VAT returns, year-end accounts and other reporting requirements.
Business Start-up
Starting a business can be both exciting and daunting.
While launching a new venture is an exciting opportunity, it can also involve navigating unfamiliar areas such as company incorporation, directors’ responsibilities, Corporation Tax, VAT and maintaining accurate accounting records.
We often speak to business owners who have tried to manage everything themselves without seeking advice in areas outside their expertise. This can quickly become overwhelming and, if mistakes are made, may create problems that affect the future success of the business.
At TF Accounts, we have the experience and expertise to guide you through every stage of setting up your business. By taking care of the financial and administrative requirements, we give you more time to focus on developing and growing your new venture.
We can help with:
- Choosing the most suitable business structure, whether as a sole trader, partnership or limited company
- Preparing business plans, cash flow projections, budgets and trading forecasts
- Assessing your funding requirements and advising on suitable sources of finance
- Introducing you to potential lenders and funding providers
- Establishing a positive working relationship with your bank
- Selecting the most appropriate accounting software, including training and ongoing support
- Completing registration procedures with Companies House and HMRC
- Managing company secretarial requirements
Start your new venture on a sound financial footing. Call us for an initial discussion or send us your details and a member of our team will be in touch.
A Clear, Personal Approach
Every business is different, so we begin by taking the time to understand you, your business and the support you need. We will discuss how your business currently operates, any challenges you are facing and what you would like to achieve.
Once we understand your requirements, we will recommend a clear and practical plan tailored to your circumstances. This may involve taking care of specific accounting tasks, improving your existing processes or providing ongoing support across several areas of your business.
We will explain our recommendations in straightforward terms, agree the work to be carried out and make sure you understand what happens next. As your business develops, we can review the support we provide and adapt our approach to meet your changing needs.
Our aim is to build a long-term working relationship, giving you reliable advice, clear information and the confidence to make informed business decisions.